Loan to Buy Hollywood Tans Franchise Issued By Unity Bank

Borrowing money to invest in a Hollywood Tans franchise? Unity Bank has a history of making these loans and they are guaranteed by the SBA.

Getting money to buy a Hollywood Tans franchise is doable. In 2008, Unity Bank issued an SBA franchise loan to an entrepreneur in Bethseda, Maryland. Because Hollywood Tans was registered with the SBA's registry of franchises, this Maryland small business loan was issued on an expedited basis.

SBA Loan Borrower

TOSSINI TANNING LLC D/B/A HOLLYWOOD TANS
Bethseda, MD 20814

SBA Loan Lender

UNITY BANK
64 OLD HWY 22
CLINTON, NJ 08809

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

812199 - Personal Care Services

Loan Approval Date

1/9/2008

Loan Approval Gross Amount

$250,000

Loan Approval from the SBA

Of the total $250,000 loan amount, the SBA guaranteed $187,500.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was used to buy a Hollywood Tans franchise. At the time of the loan, the company had 2 employees. This SBA loan request did not indicate that the small business promised to use the loan proceeds to add employees or retain any existing employees.

Getting an SBA Loan For Your Business

Although it's called an SBA loan, you apply for an SBA loan with a local or national bank, not with the SBA. The bank processes the loan and gives you the money, and the SBA simply guarantees a portion of the loan.

This firm was able to get an SBA loan -- a strong sign of business strength. Do you think you have what it takes to get an SBA loan too? The SBA can be a great solution for raising money quickly to start or grow a business. Your next step is to speak with a banker at an SBA approved bank.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Hollywood Tans

Debt Financing

SBA Participating Banks in Clinton, New Jersey

SBA Participating Banks in New Jersey